Market Conduct Regulation

Financial regulation can usefully be bifurcated into prudential and business conduct dimensions. The former concentrates on standards, guidelines and recommendations of best practice on capital adequacy, liquidity and solvency risk and procedures for the orderly winding down of regulated financial institutions. Market conduct regulation, on the other hand, refers to the operation of the market. Regulators are increasingly moving towards expansive definitions of what consitutes market integrity. This series explores the consequences of this move. It evaluates market conduct regulatory performance across three main areas - structure (or mandate), internal processes and managerial discretion - and five dimensions Compliance, Ethics, Deterrernce, Accountability and Risk (CEDAR).

SEC Reports on Oversight of and Compliance With Conditions and Representations Related to Exemptive Orders and No-Action Letters

In accordance with section 965 of The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 this report makes five recommendations that are intended to enhance the SEC’s oversight of compliance with conditions and representations in exemptive orders and no-action letters.
Originally Published: 
Wednesday, June 29, 2011

Government Accountability Office Reports on Information Requirements to Monitor Compliance with New Proprietary Trading Restrictions

As required by Section 989 of the Dodd-Frank Act, the Government Accountability Office reviewed what is known about the risks associated with proprietary trading and the potential effects of the restrictions; and how regulators oversee such activities.
Originally Published: 
Wednesday, July 13, 2011

Consumer Financial Protection Bureau Reports on the Impact of Differences Between Consumer and Creditor Purchased Credit Scores

Section 1078 of The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 requires the Consumer Financial Protection Bureau (“CFPB”) to conduct a study on the nature, range, and size of variations between the credit scores sold to creditors and those sold to consumers by consumer reporting
Originally Published: 
Tuesday, July 19, 2011

SEC Reports on Examinations of Each Nationally Recognised Statistical Rating Organisation

Section 932 of the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 imposes new reporting, disclosure and examination requirements on the Securities and Exchange Commission with respect to Nationally Recognised Statistical Rating Organisations.
Originally Published: 
Friday, September 30, 2011

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